US-based professional services firm Jacobs has acquired Wood Nuclear for $325m from Scottish energy company John Wood Group (JWG).
Jacobs said that the acquisition will enhance the company as a global leader in total lifecycle nuclear services and technology-enabled solutions, supporting clients in the defence and clean energy sectors.
Jacobs chair and CEO Steve Demetriou said: “Bringing together Wood Nuclear within Jacobs’ critical mission solutions business provides a powerful platform to support clients’ complex programs, respond to unprecedented changes in the many sectors and geographies where we work and help accelerate commitments to a more sustainable future.
“With our shared values, technical heritage and global reach, we are combining complementary capabilities to deliver high value, differentiated nuclear and defence solutions for our clients and greater opportunities for our people across our diverse portfolio.”
Jacobs added that following the purchase there will be changes at a management level, including a joint Jacobs-Woods Nuclear Integration Management Office (IMO), formed to oversee the two companies’ integration process.
The deal was finalised in August last year, with Jacobs citing Wood Nuclear’s ownership of the UK’s largest independent facility in the north-west of England as one of the main reason for the acquisition.
JWG’s share prices have hit to £2.32 today, the lowest in a month while Jacobs’s have dropped to $84, from a peak of $94, registered on Friday.